Substitute Well definition

Substitute Well is defined in Section 2.8.

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Substitute Well has the meaning ascribed to it in Article 5.6.

Substitute Well means a well proposed by a Party to the Objective Depth of a Prospect as listed on Exhibits "A" or "B," or as otherwise mutually agreed to by the Parties, as a result of the Initial Test Well, or a previous Substitute Well, on such Prospect not reaching its Objective Depth.

Examples of Substitute Well in a sentence

• However, with respect to such Substitute Well, the Promote Cap applicable to the original AFE shall not be adjusted upward in the event the cumulative costs of the ITW and the Substitute Well, as the case may be, exceed the original Promote Cap.

• Failure to respond within the time period allowed shall be deemed to be an election not to participate in the Substitute Well.

• This Agreement shall terminate as to each Prospect Area upon (i) the mutual agreement of the Parties; (ii) failure to commence actual drilling operations on a Test Well for such Prospect Area within the time period specified in this Agreement; (iii) failure to commence the drilling of a Substitute Well for such Prospect Area within the time period specified in this Agreement; or (iv) the bankruptcy or insolvency of Ridgewood.

• As between the Parties hereto, any Substitute Well shall require the concurrence of one (1) or more of said Parties with at least fifty percent (50%) Working Interest, proportionately reduced, and shall be drilled to target the same objective as the Initial Test Well.

• RIDGEWOOD shall bear and pay thirty percent (30.0%) of the actual costs to drill and test the ITW to Casing Point ; however, if prior to reaching Casing Point the actual aggregate cost of the ITW, and any Substitute Well therefor, exceeds one hundred percent (100%) of the dry hole cost estimate provided for in the Approved AFE (“ Promote Cap”), RIDGEWOOD shall bear and pay fifteen percent (15%) of the actual costs to drill and test the ITW thereafter.

More Definitions of Substitute Well

Substitute Well means a well commenced after the initial, or prior, well was abandoned due to impracticability or Force Majeure Testing means an operation intended to evaluate the capacity of a Zone to produce Hydrocarbons.

Substitute Well means a well proposed within one (1) year of the Rig Release Date and drilled by BP within the Contract Area, all in accordance with Section 3.2.

Substitute Well. If prior to reaching the objective depth, impenetrable substances, heaving shale, excessive salt, mechanical conditions, or other condition which makes further drilling impracticable and which Operator, after a diligent effort, is unable to overcome, Operator shall have the right, but not the obligation, to drill a substitute well at a lawful location selected by it in the same quarter-quarter section on which the discontinued well is located, provided the actual drilling of said substitute well is commenced not later than thirty (30) days after the abandonment of the discontinued well. The substitute well shall be drilled in the manner and to the depth specified for the discontinued well. If the substitute well is commenced, drilled, and completed as herein provided, Operator shall be deemed to have complied with this Agreement to the same extent as if the discontinued well had been commenced, drilled, and completed in accordance herewith. If Operator fails to drill a substitute well as provided above, Operator shall earn no interest in, to, or under such well. However, Operator may continue to drill Subsequent Test Well▇ ▇▇ provided herein.

Substitute Well means a well drilled in Phase I or Phase II to the same formation from which a well within 467 feet of the substitute well was previously producing oil and/or gas. Notwithstanding any provision in this Agreement or the Operating Agreement to the contrary: (i) a Twinned Well or a Substitute Well will have the same working interest as the related producing or previously producing well, but with no carried interest for GMX if related to a carried interest well and (ii) as to all Twinned or Substitute Wells within 467 feet of the wells listed on ▇▇▇▇bit "I" ("Pre-Existing W▇▇▇▇") (with each such Twinned or Substitut▇ ▇▇▇l being hereinafter referred to as the "Offset Well"): (a) GMX shall have the right to drill an Offset Well, to the total depth drilled in the related Pre-Existing Well, without any requirement to offer an interest in such well to PVOG; (b) GMX shall be the operator of any such Offset Well; and (

Substitute Well means that if prior to reaching Objective Depth in the Initial Well, Second Well or Third Well, BP encounters Adverse Downhole Conditions and elects to abandon such well ("Discontinued Well"), BP shall have the right, but not the obligation, to commence sidetracking operations on such well or actual drilling operations on another well, (hereinafter referred to as the "Substitute Well") at a location of its choice on the Prospect upon which the Discontinued Well was located within sixty (60) days after the date the rig was released from the last operation on the Discontinued Well in an effort to reach Objective Depth. If such Substitute Well is timely and properly commenced and drilled in compliance with all terms and conditions provided herein for the Discontinued Well, and BP has satisfied all other then applicable covenants and conditions of this Agreement, the Substitute Well shall in all respects be considered as if it were the Initial Well, Second Well or Third Well (as the case may be). BP shall have a continuing option to drill additional Substitute ▇▇▇▇▇ on the Prospect upon which the Discontinued Well was located, provided that no more than sixty (60) days elapse between the date the rig was released from the last operation on such well and the date of commencement of drilling operations for the next Substitute Well drilled therefor.

Substitute Well means any well that is drilled as a replacement for a Carried Well under the terms hereof. Any such Substitute Well when so drilled shall qualify as the Carried Well for which it is a replacement. The additional terms and conditions governing the carrying by Buyer of the Retained Interest of Seller in the Carried ▇▇▇▇▇, including the reassignment of certain portions of the Properties from Buyer to Seller if Buyer fails to perform as herein provided, are as follows:

Substitute Well. A well which: (i) is undertaken subsequent to the Test Well (as defined below) because such Test Well encounters Gulf Coast Conditions (and otherwise drilled in the same or similar manner as the original proposed Test Well, except that such new well may be drilled from a different surface location); (ii) is commenced on or before the earlier of the date occurring (x) one hundred and twenty (120) days after the release of the drilling rig for the Test Well or (y) after the lapse of a one hundred and twenty (120) day period without the drilling of any additional footage in the Test Well; and (iii) prior to commencement, is designated in writing by BP as a Substitute Well.